Magnit Modernizes Worker Experience & Employer of Record Solution

Today, we announced an evolution of its Worker Experience, Employer of Record (EOR) and Independent Contractor (IC) solution. The broadened offering helps organizations to better attract, manage and retain contingent talent. It affords a superior worker experience as part of today’s best-of-breed workforce management programs.

Sourcing and Managing Contingent Workers is Increasingly in Complexity

The contingent workforce management space has entered a historic inflection point of strategic importance and financial P&L impact. As the contingent talent worker census approaches a full 50% of total employee headcount, with an uptick in remote work globally, there is an exponential increase in the complexity of sourcing and managing contingent workers from a regulatory, benefits, and pay rate perspective. To address these shifts taking place in the market, organizations seek solutions that provide compliance, payroll and benefit management, and risk mitigation while also creating an optimal contingent worker experience.

As such, we continue to take the lead on modernizing and innovating our Worker Experience/EOR offering as a critical component of our contingent workforce management platform. Our enhanced solution will increase an organization’s ability to attract and retain non-employees while mitigating risk, increasing efficiency and drive cost savings.

Magnit's EOR Solution

When companies select our solution, we become the employer of record and assume responsibility for worker benefits and risk management. We help ensure workers are properly classified, verification occurs, onboarding functions and redeployment are facilitated. We also offer trends, analysis and reporting on hiring activity, market bill rates, market-driven changes and much more. Worker Experience and EOR services are also part of our groundbreaking DirectSource platform, which leverages Eightfold's AI technology to more effectively and intelligently identify, engage and secure the best talent in the world, while achieving diversity goals.

From the industry’s most comprehensive worker benefits package, which includes superior health and family benefits, we constantly look to optimize what we provide to both workers and clients. Additionally, we offer to customize our solution to fit the requirements of each client, such as paid holidays, paid time off (PTO), paid parental leave, tuition assistance, etc.

We also understand the significant working capital challenges presented to ICs. We now offering our EarlyPay Magnit solution. This allows ICs to receive payment prior to the client paying Magnit. ICs can choose a payment term best suited for them.

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.